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Superannuation Fund to be provided.
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XLVI. And be it enacted, That there shall be deducted from the Pay and Salary of the several Persons appointed under this Act, except the Receiver and Paymasters, the Sum of Two Pounds per Centum per Annum, and so rateably from any Pay or Salary of whatever Amount; which Sum so deducted shall from Time to Time be invested in Government Stock by and in the Name of such Receiver, and the Interest and Dividends thereof, or so much of the same as shall not be required for the Purposes herein-after next mentioned, shall be likewise invested in such Stock, and accumulate so as to form a Fund to be called “The Police Superannuation Fund,” and to be applied from Time to Time as Occasion may require for the Payment of such Superannuation or Retiring Allowances or Gratuities as may be at any Time from the passing of this Act ordered or appointed from Time to Time by the Lord Lieutenant or other Chief Governor or Governors of Ireland, under the Powers herein-after given to him, to be charged on the said Fund or payable thereout; and in case the Fund so accumulated shall be inadequate to pay such Superannuations or Retiring Allowances, one Half of such Deficiency shall be made up by Presentment of the Grand Juries of the respective Counties, Counties of Cities, and Counties of Towns, in such Proportions as the Lord Lieutenant or other Chief Governor or Governors of Ireland shall from Time to Time direct and appoint, and the other Half thereof shall be paid out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland arising in Ireland: Provided always, that in the Case of any yearly Allowance, Remuneration, or Superannuation granted under the said recited Acts, and directed to be presented by the Grand Jury of any County, the same shall be wholly payable and presented by the Grand Jury of such County as heretofore.
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